just got proposal, seems a bit small of figure to pay back. Worried about being turned down

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Johng79
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by Johng79 » Fri Apr 28, 2017 12:15 pm
Hi guys,

Just received proposal from IP. works out after IP fees etc, the total going to creditors is 51%. Surely thats bound to fail....
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Foggy
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by Foggy » Fri Apr 28, 2017 12:16 pm
51% is actually a very healthy return. Mine went through at 32%.
Johng79
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by Johng79 » Fri Apr 28, 2017 12:22 pm
Seriously?? I was really shocked just, espevially when i seen IP fees
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Michael Peoples
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by Michael Peoples » Fri Apr 28, 2017 12:32 pm
It is a very good offer and I would be extremely surprised if it is rejected. Creditors may amend the fees but usually this will happen at the meeting of creditors and will not impact on your IVA [unless you repay in full].
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kallis3
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by kallis3 » Fri Apr 28, 2017 12:34 pm
Mine was less than that and, as Michael says, creditors can amend the fees.
Johng79
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by Johng79 » Fri Apr 28, 2017 12:38 pm
2 biggest creditors use insolvency exchange so guess they make or break me
Johng79
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by Johng79 » Fri Apr 28, 2017 12:41 pm
Michael, can i ask what happens if i get call on day of meeting? What sort of info would be required at that time?

When you say fees be changed, do you mean creditors negotiate with IP on level of their fees? If so would that have knock on to my monthly figure?
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kallis3
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by kallis3 » Fri Apr 28, 2017 12:46 pm
You will get a call to say either yay or nay. Fees will be negotiated between creditors and the IP. It won't alter your payment.
Johng79
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by Johng79 » Fri Apr 28, 2017 12:48 pm
Ah ok, i thought it meant i would be involved in conference call type scenario.
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kallis3
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by kallis3 » Fri Apr 28, 2017 12:50 pm
No, it will be a normal phone call as votes are done either by email or fax. You company would not put this through if they were not confident of it being accepted.
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Foggy
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by Foggy » Fri Apr 28, 2017 12:58 pm
You might get a call if, say , the creditors don't agree to allow you £25 for bus fares but will agree to £20 --- you will be asked to say yes or no (of course a "no" will mean rejection, but you do have to be asked). Otherwise it will be a simple "yes" or "no".

If the lower the fees, this will simply increase the dividend to creditors, it will not affect your monthly payment.
Johng79
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by Johng79 » Fri Apr 28, 2017 1:08 pm
How long does meeting last for does anyone know?
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Foggy
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by Foggy » Fri Apr 28, 2017 1:20 pm
Johng79 wrote:
How long does meeting last for does anyone know?



It isn't a physical meeting these days and most creditors vote by post, email or fax. At the "appointed hour" the votes will be collated and result announced. If straightforward it could take minutes -- if the result is clouded .... say ... not enough votes to accept and some creditors haven't voted -- they non-voters will need to be chased to try to get a favourable result. This would take longer.
Johng79
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by Johng79 » Fri Apr 28, 2017 1:29 pm
Lets hope its approved as dont fancy idea of dmp if the iva turned down.
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Michael Peoples
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by Michael Peoples » Fri Apr 28, 2017 1:58 pm
It is unusual for IVAs to be rejected so I am very confident it will be accepted. We will contact you as and when votes come in so by the actual time of the meeting it is usually all done and dusted anyway. Creditors do not meet up and you are not required to attend so it is just a 'virtual' meeting.
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